Impact of Monetary Policy on Tourism

This assignment requires students to analyze the impact of monetary policy on the tourism industry. It involves researching various economic theories and policies, examining their effects on tourism demand and supply, and drawing conclusions based on scholarly articles and online resources. The focus is on understanding how changes in interest rates, exchange rates, and inflation influence tourist spending and travel patterns.

Business and Business
Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................3
a) Covered in PPT..................................................................................................................3
................................................................................................................................................4
................................................................................................................................................8
b)...........................................................................................................................................12
P3..........................................................................................................................................12
M2.........................................................................................................................................14
c)...........................................................................................................................................15
D1.........................................................................................................................................15
PART 2..........................................................................................................................................16
a)...........................................................................................................................................16
P4..........................................................................................................................................16
P5..........................................................................................................................................18
P6..........................................................................................................................................19
M3 & M4..............................................................................................................................19
b)...........................................................................................................................................20
D2.........................................................................................................................................20
CONCLUSION..............................................................................................................................23
REFERENCES..............................................................................................................................24

INTRODUCTION
Business environment involves both internal and external factors that influences the
operations o0f firm within country. Therefore, it is essential to involve all such factors which
helps organization to work together and undertake different legislation i.e. health and safety
which influences the internal business environment. In addition to this, there are certain external
factors that influences the control of business operations over marketing activities. Thus, it is
essential for entity to look over different external constraints and involve them in business
function to maintain constant results in long run (Cavusgil, Knight and Rose, 2014). It involves
different stakeholders i.e. suppliers, government, shareholders and customers that directly or
indirectly influences the business operations. Also, external factors assesses that demand and
supply of products which are considered as dependent factors for business. Here, two different
case studies are being addressed i.e. Sainsbury which is a public sector company and Marriott
hotel which is a private sector hospitality firm. Present report focuses upon identifying purpose
of different companies as well as its structure, size and objectives. It also assesses the internal
and external environment by using PESTEL and SWOT analysis.
1

Case of Sainsbury
Here, in this case it can be stated that Sainbsury is focusing upon becoming the UK's
greenest supermarket. Thus, it is the best CSR activity which is involves in the sustainability
plan of Sainsbury to reduce the use of plastic polythene bags and use recyclable packaging.
Case of Marriott
Within the present case it is discussed that Marriott hotel aims to make sure that hotel
meets the needs of its customers visiting the hotel. Thus, through using efficient lighting
technology it helps in minimizing the energy and power and save money which also helps in
improving customer experience.
2

PART 1
a) Covered in PPT
3

Firm faces tough competition from ASDA, Tesco etc. However, the main motive
of business is to deliver quality products to consumers and thus render best price
products to clients.
4

Here, all the decisions are solely taken by the management itself and thus focus is
to earn high profits.
5

Vision, mission and objectives
Sainsbury- Sainsbury's mission statement is to deliver high quality products to
customers at low prices. While, its mission to serve consumers and does not
provide any unethical goods at harm any individual. Further, the objective of
firm is undertake sustainability plan till 2020 and attain environmental
safety.
Marriott- Vision of company is to render the best quality products or services to
consumers and thus improve the business performance in market. Mission of
company to identify the needs of customers and provide them the best
quality products so that success can be attained. Further the objective of firm
is to deliver quality services so that competitors can be overcome.
6

It also raises brand awareness through increasing business professional and
improve firm performance so that brand image can be enhanced in market.
7

Fewer management layers exist in the organizational structure. Responsibilities
and tasks are assigned to staff members and specific job roles are given to the
employees. Communication channel is effective and flow of information is smooth
and it aids in transfer of data, facts and details in effectual manner. Diverse range
of products are offered by firm through their retail store and millions of consumers
are availing the goods offered by the entity. Chain of command follows and fewer
middle level layers are there. Total 161,100 employees are working with the
organization and supporting for accomplishing goals and objectives of business.
Company holds more than 17% market share in UK supermarket industry and it
reflects strong market presence of the organization. Business objective of the entity
is to be top leading retail chain and size, structure, scope and offered products and
services supports in accomplishing the desired objectives of business in successful
way.
8

Large market share is hold be the entity in hospitality industry and existing
business operations can be expanded for enhancing financial revenues and
profitability. Business objective of entity is to offer advanced and high quality
services. Structure, size and scope of the organization supports for achieving the
business objectives of enterprise.
9

10

b)
P3
It is essential for business to develop effective relationship within organizational function
such as HR, Finance, operational etc. in regard to attain business objectives. Therefore, it is
considered as effective approach so that desired outcomes could be attained. Also, there are
different approaches used in terms of maintaining relationship between business function and
thus there should be effective connection between HR, Finance and Operation. Therefore,
through developing such relationship it results in attaining desired outcomes. There are different
functional areas in which business are working within different departments so that desired
results could be attained-
 Sales marketing- It involves two different departments and thus helps firm to make
different strategies that helps Sainsbury to enhance the sales and profitability of firm in
11

market. Further, it also helps in identifying new market and then promote its products or
services to enhance market share.
 Human resources- Within such department, cited fir helps in recruiting skilled workers at
right post. Therefore, it is essential for them to obtain appropriate training so that skills
could be enhanced.
Here, case of Sainsbury Plc has been undertaken which is leading supermarket store and
serve the best quality products or services to consumers. Following are the different functions
that aims to be performed within business such as-
Maintaining CSR activities- It is one of the crucial function of Sainsbury which assesses that
firm needs to undertake sustainability plan and follow appropriate CSR activities through
minimizing the use of non recyclable products. Thus, in order to protect the environment, firm
aims to use recyclable bags and thus maintain sustainability within firm. It also aims to attain
such objectives by 2020 and overcome the bad effect done upon environment (Bryman and Bell,
2015).
Positive environment of store- Sainsbury also aims to maintain positive store environment
through which they offer best shopping experience to customers and thus it enables consumers to
purchase more products. Therefore, management aims to maintain its function through creating
positive work environment and thus encourages the workforce in order to make friendly
atmosphere in the store and helps consumers purchases the required products (Botha, Kourie and
Snyman, 2014).
Maintaining cash reserves- It is another effective function which aids finance department to
mange cash reserve for bad times. Thus, through maintaining effective cash reserves it is
beneficial for Sainsbuty to utilise the available funds and improve the business functions in
market. Also, preparing proper financial accounts required to handle the cash balance and
manage business functions (Hair, 2015).
Undertaking proper safety and security measures- Sainsbury also manages such function
which aims to take crucial safety and security measures in regard to safeguard customers and
employee within workplace. However, as per the security point of view firm needs to place
CCTV and Fire extinguisher at different places so that it helps in providing safety to individuals
at the time of emergency (Crane and Matten, 2016).
12

Delivering quality customer service- It is also essential function of Sainsbury which helps them
to provide the best customer service and thus it enhances sales and profitability of firm in
market. Employees need to be motivated to deliver the quality services to customers and thus
overcome the competitors from market. It is essential for workers working within firm to have
positive attitude towards delivering better services to clients which helps in enhancing customer
satisfaction (Boons and Lüdeke-Freund, 2013).
Training and development session- Such function needs to be undertaken by management of
Sainsbury in relation to provide better training facilities to employees so that they can render the
best services to customers. It also aids in enhancing the morale of workers and improve their
skills as well towards attaining desired success. Thus, gaining appropriate training and
development session results in improving the business performance and attain desired
organizational goals (Chesbrough, Vanhaverbeke and West, 2014).
Expand business operations- Sainsbury aims to expand its business operations and conquer
high market share to raise profit margin of firm. It is also essential for firm to focus upon
undertaking effective business function which focuses upon enhancing different functions and
operations and ultimately gain broad market share and growth (Cohen and Kietzmann, 2014).
Inventory and Stock management- It is an imperative business function and thus it helps in
managing inventory and stock so that business goods can be managed properly. Sainsbury needs
to manage record of its stock properly so that they can utilise it whenever required and also take
preventive measures in order to protect the stock from any damage (Kuratko, Hornsby and
Covin, 2014).
M2
It can be stated that all the identified functions of business are highly interrelated and thus
attain desired objectives and structure so that best results can be attained. Here, different
functions are interrelated with each other which also helps in completing the business objectives.
Further, identifying business environment and assess the structure of firm so that it identifies the
best way through which evaluation of end results can be attained. All such identified objectives
are effective and thus possess a great impact upon attaining business targets. It is also significant
for firm to improve its business functions so that they can enhance the sales and profitability of
firm in market (Khan and Quaddus, 2015). Additionally, it involves different functions of
Sainsbury such as cash handling, quality services to customers etc. Management of firm needs to
13

maintain and keep records of every customers so that appropriate quality goods can be provided
to them in the future. Through delivering quality services it would benefit firm to attain desired
objectives and thus manage the business operations. It is also significant for Sainsbury to
undertake sustainability plan in relation to integrate with such task and thus improve overall
efficiency of firm in market. Through thus firm aims to overcome environmental degradation and
improve business performance (Yee-Loong Chong and Lin, 2014).
Sainsbury operates its business in public sector and thus considered as one of the largest
supermarket store in world. It is also essential for firm to make sure that there are different
stakeholders available in market which helps in achieving different predetermined objectives
towards set targets. Further, it is beneficial for firm to undertake differentiation strategy so that
business objectives can be fulfilled accordingly (Chen and Chow, 2014). Hence, it helps in
bringing innovation within firm to influence its business decision and deliver quality goods and
services to clients. In order to bring enhancements within the bottom line structure of firm and
thus adopting significant strategy so that best results could be attained. Sainsbury undertakes
different programme which are focused upon improving cost optimisation in regard to carry out
business functions. Also, enterprise focuses upon innovative technology and resources in relation
to enhance the customer experience and thus attain desired results.
There are several advantages and disadvantages involves within the interconnectivity
between business functions which results in enhancing brand image of firm in market. Main
advantage of such strategy is that it helps Sainsbury to become market leader and thus attain high
market share. While, the disadvantage of such interrelationship within business functions is that
it aids in identifying several dependent functions which are involved in enhancing the cost of
business operations so that desired results can be attained. However, within such conditions, it
helps in identifying several hidden changes to employees so that they can get aware regarding
the business functions and attain success (Popescu, 2013).
c)
D1
Business structure of Sainsbury is Flat and thus it implies the workers helps in managing
and assigning the task accordingly so that best results can be attained. While, Marriott is a large
hospitality group serving wide range of customers and hence, it possesses complex and large
business structure. Main benefit of Sainsbury structure is that it helps in making quick decisions
14

within internal system and thus it is highly instant and quick. However, identifying different
errors and disruptions faced by Sainsbury management it is essential for firm to improve its time
constraint so that desired targets can be attained (Mithas, Tafti and Mitchell, 2013). It also
assesses that there are different layers available within the hierarchy of business decision making
and thus involves several quality parameters in relation to improve business performance in
market. Further, Marriott undertakes complex structure and thus it is essential for business to
improve its functions in market and results in improving long time duration so that poor
communication system can be overcome.
Moreover, all the identified functions of Sainsbury and Marriott are interconnected in
nature. However, the finance department of firm prepares appropriate budget for its different
functions so that it could be commenced accordingly. Also, on the basis of such function it helps
in assessing that both the businesses are required to hire skilled candidates and thus enhance the
business operations of firm in market. For instance, if the HR department of organization aims to
undertake different business functions and thus interconnect each other in regard to improve the
performance towards attaining success (David and David, 2016).
PART 2
a)
P4
It is essential for firm to develop strategy in relation to improve business performance
and thus attain desired results. Therefore, it is essential for Sainsbury to undertake effective
internal and external factors in relation to identify tis positive as well as negative impacts upon
macro business environment (Craig and Campbell, 2012). Thus, using PESTLE analysis it helps
in identifying the varied factors which affects the business in long run. Following are the
different positive and negative impacts upon PESTLE factors such as- Political factors- In UK it assesses that the rate of debts upon government as well as
consumers are high. Thus, it possesses great impact upon the attitude and preference of
consumers so that they can purchase the product from business. Another negative aspect
of such factor upon firm is that it helps in creating pressure upon the business in relation
to perform the activities (Beynon-Davies, 2013). Also, it is essential for Sainsbury to
carry out its operations in relation to enhance the business functions and thus improve the
15

business strategy so that best results can be attained in the form of improving the market
condition. Economic factors- Further, it is another factor that affects the economic condition of
country and thus it is essential for business to identify the inflation and unemployment
condition in market. Positive impact of such factor upon business is that it helps in
identifying the purchasing behaviour of consumers and then provide them appropriate
products or services so that sales and profitability of firm can be enhanced
(Mariappanadar, 2012). While, the negative impact is that the unemployment rate is
increasing and thus it affects the business operations in market and therefore it affects the
business expansion in market. Social factors- In the current time, it has been assessed that taste and preferences of
consumers are changing rapidly therefore, it is essential for Sainsbury to assess the
choices of consumers and then provide them appropriate goods. Further, identifying the
needs of consumers, business also introduces non food items and this it influences
consumers towards firm in order to enhance sales and profitability of firm in market.
Through identifying the needs and preferences of consumers it helps firm to introduce
changes to influence business performance in market (Meade, 2012). Technological factors- Due to increasing globalisation in market, it is essential for firm
to undertake effective innovation and thus bring extended services in market so that
business performance could be improved. It also impacts the performance of firm in
market and therefore, it is significant for enterprise to deliver appropriate quality products
to consumers so that they can get attracted towards firm. Further, it is the best way
through which business performance can be improved (Milner and Tingley, 2011). Legal factors- It involves different policies and regulations developed by government so
that it influences business functions and activities within company. There are different
laws and regulations prepared in relation to perform the business operations efficiently
and attain desired results. Sainsbury aims to improve new taxation laws and thus so that
business performance could be improved in result to attain desired results. However, if
business ignores to pay any legal taxes which affects the business functions in order to
manage the business operations in an effective way (Mugurel-Alin, 2014).
16

 Environmental factors- It is essential for each and every individual to possess effective
measures so that environment of firm could be maintained. However, Sainsbury
undertakes sustainability plan in regard to reduce the environmental pollution and protect
the same. Also, it is essential for firm to use recyclable goods in relation to preserve the
environment and does not affect it negatively (Oberholster, 2010). Hence, in order to
overcome such issue it is essential for firm to improve business activities and use
innovative technology so that recyclable packaging could be done which helps in
managing the waste material.
Through carrying out effective PESTLE analysis it helps Sainsbury to affect the external
factors which involves inflation rate and enhancing unemployment rate in market. However,
there are different measures which helps in maintaining growth strategy in market and thus
improve the business performance (Perry, Serven and Suescun, 2008). Also, considering such
aspect it is essential for firm to identify the negative aspect so that operations of firm could be
carried out in an effective way. It also impacts upon the sales and profitability of firm in market.
There are several other factors that provides benefits to Sainsbury in order to improve business
growth and success. For instance, current market situation results into increasing inflation in the
country and thus directly impacts upon business performance. Further, sales and profitability of
firm decreases in relation to that people would not prefer to purchase costly products.
P5
The internal and external analysis of Sainsbury helps in identifying the strengths and
weaknesses so that appropriate analysis could be done. Through considering the internal factors
it involves strengths and weaknesses while, external factors are threats and opportunities. It is as
follows- Strengths- Main strength of Sainsbury is that it is one of the largest retail supermarket
chain in world. Thus, it possesses various crucial internal factors in order to improve its
business performance in market. With the help of improving its marketing department it
is significant for firm to enhance the sales and profitability of firm (Pizam, 2010). Weaknesses- Further, it is another significant internal factor that identifies that Sainsbury
possess certain weaknesses in relation to overcome the issues and attain best results.
Management of Sainsbury identifies the weakness that they possess effective centralised
management system in order to identify the difficulty of firm and overcome the same so
17

that customers can be retained within firm for long term. Through such way it is essential
for business to improve its relationship in relation to improve its effectiveness and thus
best results can be attained (Meaning of monetary policy. 2015). Opportunities- It involves several opportunities which influences Sainsbury to be
undertaken if business adopts innovative technology so that sales and profitability of firm
can be enhanced. Therefore, it is essential for firm to undertake effective strategies so that
they can utilise the business activities in an effective way (Whitelaw and et. al., 2009).
Also, using innovative technology aids in improving business partnership and enhance
market share of firm.
 Threats- Also, there are different threats faced by firm in relation to attain growth of firm
in market. Sainsbury identifies its threats and thus undertakes effective strategy in regard
to overcome the issues so that quality products or services can be provided to consumers.
Thus, overcoming different threats helps firm to enhance its operations and plan
appropriate marketing strategy to enhance business performance (Cohen and Kietzmann,
2014).
P6
Strengths and weakness of Sainsbury are linked to external business factors and overall
functional activities that are performed in the entity. Company is top leading retailer of
organization and large market area has been captured by the organization. Products that are
offered through retail stores of organization are of good quality and they are available at
reasonable price (Khan and Quaddus, 2015). External and internal environmental factors are
linked with the strength and weaknesses of the entity and functioning of company gets affected
due to it. It is critical that an organization should make positive efforts for making positive
improvements in its strong performing areas (David and David, 2016). It is also imperative that
effective measures should be taken for making modifications in weak performing areas.
Government rules and regulations imposes restriction such as trade restriction and due to this
financial performance of company gets affected. Technical advancement have been adopted by
company and it has supported in gaining competitive advantage for business (Yee-Loong Chong
and Lin, 2014).
Advanced and innovative technology is used for carrying out operational activities of
entity and it has proved as major strength for the organization. External environment factors such
18

as economic factors also gives impact on the financial performance of the business (Craig and
Campbell, 2012). There is direct link between economic conditions and sales of business. If
inflation rates are high than purchasing power of people decreases and it gives direct impacts on
sales activities of the entity (Beynon-Davies, 2013). Sainsbury have gained success in
maintaining social reputation by developing effective marketing strategies and it has helped in
making consumers aware about the products that are being offered by the enterprise. Consumer
loyalty has been gained and positive and good image of entity has been developed in market. It
reflects that there is direct link between internal and external factors and strength and weakness
of the organization (Cohen and Kietzmann, 2014).
M3 & M4
Through conducting internal and external analysis of Sainsbury it identifies that business
could be helped in relation to gain in-depth analysis and thus enhance market position of firm.
Using PEST analysis it assesses the different factors which influences the business performance
in market such as- Political- It identifies the political factors influences the operations of Sainsbury in
market. Hence, it is an debatable issue that due to BREXIT it influences the firm in
varied manner. Also, entering of EU laws affects the business functions and thus results
in improving business performance (Cavusgil, Knight and Rose, 2014). Economic- Further, it addresses that fluctuation in the UK market such as change in
exchange rate, inflation and taxation etc. affects the business functions in market.
However, Sainsbury is currently working in stabilized market and thus bring positive
outcomes (Bryman and Bell, 2015). Social- It identifies that there are different measures that needs to be taken by business in
relation to assess the change in taste and preferences of consumers. Therefore, it is
significant for firm to enhance market performance and thus results in identifying the
actual needs and fulfil the targets so that best results can be attained (Botha, Kourie and
Snyman, 2014).
 Technological- Further, in regard to adopt different technological means which would
help in improving the innovative aspect of firm and thus overcome the impact in terms of
enhancing sales and profitability (Boons and Lüdeke-Freund, 2013).
19

b)
D2
On the basis of above micro and macro factors, it has been analysed that Sainsbury needs
to conduct external auditing properly. This is the way through which information about
uncontrolled and controlled forces can be identified. In order to develop the study, I have
accessed a lot of sources which gave me knowledge about competitive business environment. I
came to realize that Sainsbury has been operating its business in competitive market place among
several competitors and that gives the business more opportunities to create competitive edge
over the rivalries. From external auditing, it has been ascertained that Sainsbury is facing huge
competition due to high availability of substitute products; thus in order to manage the same, the
organization has to develop a lot of business strategies. At the same time, it is analysed that
political factors have been changing and that directs the business entity to adopt new policies and
framework. This not only reduces legal and political issues; but also helps in carrying out all
business processes in effectual manner.
I have seen that as compared to other business entities, market share of Sainsbury
increases at faster pace and that further brings more opportunities of growth and prosperity.
However, when I was accessing the market place, I came to know about a few factors that
changes the taste and preference of customers. All such forces have a direct relationship between
demand and company’s services. Sainsbury delivers amenities according to preferences of end
users which is another influencing factor for business growth and success. While considering the
sources, I accessed the market as well and I found that people usually adopt new trends which
leads Sainsbury to transform the existing practices. Emphasizing on this dimension helped me to
enhance my knowledge level about external market facets. At the same time, I can say that this is
useful in bringing up my career prospects as I have learned a lot while conducting the research
study.
Sainsbury has been focusing on all business objectives in effective manner and this leads
the business organization to conduct all the practices in effective way. The manager of Sainsbury
always analyses external market forces which not only leads to competitiveness; but also aids in
undertaking prominent decisions. The practices of Sainsbury are quite different with that to other
organizations. All the business decisions of Sainsbury are taken after conducting internal and
external analysis as that aids the organization to include all the aspects that are essential.
20

However, in terms of impact of external and internal factors, I can say that employees are also
changing the way of delivering services to the customers; henceforth this is the prime supporting
factor that enhances growth and success aspects of Sainsbury. Being a researcher, I focused on
each and every aspect of the study and I realized that it is very much difficult for a business
entity to emphasize on all market dimensions. It not only consumes time; but also increases
efforts on other areas.
Decision making process of Sainsbury is extremely influenced by technological aspects.
The use of technology has been increasing among organizations and that not only enhances
success and prosperity; but also changes competitiveness degree. I have observed Sainsbury
adopting all the new techniques which aids the business to implement new technologies in
service delivery provision. It is essential for all the business organizations to give positive
response to technological dimensions because it is significant in bringing changes and
transformations in the organization. However, apart from external auditing, I have observed that
Sainsbury is highly concerned about business strengths and the organization uses all its strengths
in positive manner. This develops the chances of profitability and success. All the employees of
Sainsbury works in optimistic manner and they always consider leader’s directions while
adopting any new practice.
Working on this study has helped me to ascertain all the factors that impacts the business
decision and that also changes the ways of adopting new practices. As far as my knowledge is
concerned, I focused on internal and external both the dimensions and accordingly I realized the
importance of both in business facets. On the basis of past records, I have analysed that
Sainsbury is able to satiate the needs of customers because the organization is highly concerned
about social and corporate responsibilities. Sainsbury is actively engaged in CSR practices which
helps the business to contribute in environmental protection. The use of plastic and poly bags
have been minimized on higher extent which aids Sainsbury to acquire attention from customers.
Moreover, involvement in such practices also aids Sainsbury to get maximum trade deals from
external business entities. Thus, concluding I can say that though the business has set high
standards, it still needs to focus on improvements.
21

CONCLUSION
It can be articulated from the study that business is required to enhance its internal and
external factors that influences the business operations in market. Thus, through such analysis it
assesses that both Sainsbury and Marriott undertakes effective functions which are interrelated in
regard to improve its performance. Both the organizations possess different size and structure
and thus it is essential for firm to undertake effective interrelationship so that best results can be
attained. Further, it is essential for enterprise to assess the difficulties and issues faced by firm
and thus assesses the different business structure so that best results can be attained. All such
factors helps in influencing the business functions in relation to improve the decision making
process and overcome the weaknesses and threats faced by firm in market. Thus, both internal
and external factor impacts upon the business operations and therefore, in order to attain desried
benefits.
22

REFERENCES
Books and Journals
Beynon-Davies, P., 2013. Business information systems. Palgrave Macmillan.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production, 45, pp.9-19.
Botha, A., Kourie, D. and Snyman, R., 2014. Coping with continuous change in the business
environment: Knowledge management and knowledge management technology. Elsevier.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Cavusgil, S.T., Knight, G. and Rose, E.L., 2014. International business. Pearson Australia.
Chen, Y. and Chow, W.S., 2014. IT capability and organizational performance: the roles of
business process agility and environmental factors. European Journal of Information
Systems. 23(3). pp.326-342.
Chesbrough, H., Vanhaverbeke, W. and West, J., 2014. New frontiers in open innovation. OUP
Oxford.
Cohen, B. and Kietzmann, J., 2014. Ride on! Mobility business models for the sharing economy.
Organization & Environment. 27(3). pp.279-296.
Craig, T. and Campbell, D., 2012. Organisations and the business environment. Routledge.
Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and
sustainability in the age of globalization. Oxford University Press.
David, F. and David, F.R., 2016. Strategic Management: A Competitive Advantage Approach,
Concepts and Cases.
Hair, J.F., 2015. Essentials of business research methods. ME Sharpe.
Khan, E.A. and Quaddus, M., 2015. Examining the influence of business environment on socio-
economic performance of informal microenterprises: content analysis and partial least
square approach. International Journal of Sociology and Social Policy, 35(3/4), pp.273-
288.
Kuratko, D.F., Hornsby, J.S. and Covin, J.G., 2014. Diagnosing a firm's internal environment for
corporate entrepreneurship. Business Horizons. 57(1). pp.37-47.
Mariappanadar, S., 2012. The harm indicators of negative externality of efficiency focused
organizational practices. International Journal of Social Economics. 39(3) .pp.209 – 220.
23

Meade, J. E., 2012. The intelligent radical's guide to economic policy: the mixed economy.
Routledge.
Milner, H. V. and Tingley, D. H., 2011. Who supports global economic engagement? The
sources of preferences in American foreign economic policy. International Organization.
65(01). pp. 37-68.
Mithas, S., Tafti, A. and Mitchell, W., 2013. How a Firm's Competitive Environment and Digital
Strategic Posture Influence Digital Business Strategy. Mis Quarterly. 37(2). pp.511-536.
Mugurel-Alin, M., 2014. The management of external business environment interaction with the
company. Methods.
Oberholster, S. J., 2010. War on savings: modern monetary management in crisis. Journal of
Financial Regulation and Compliance. 18(3). pp.201–223.
Perry, G., Serven, L. and Suescun, R., 2008. Fiscal Policy, Stabilization, and Growth: Prudence
Or Abstinence. World Bank Publications.
Pizam, A., 2010. International Encyclopedia of Hospitality Management. Butterworth-
Heinemann.
Popescu, G.H., 2013. Macroeconomics, Effective Leadership, and the Global Business
Environment. Contemporary Readings in Law and Social Justice. (2). pp.170-176.
Yee-Loong Chong and Lin, B., 2014. Can e-business adoption be influenced by knowledge
management? An empirical analysis of Malaysian SMEs. Journal of Knowledge
Management. 18(1). pp.121-136.
Online
Meaning of monetary policy. 2015. [Online]. Available through:
<http://kalyan-city.blogspot.in/2010/09/monetary-policy-its-meaning-definitions.html>.
[Accessed on 21 January 2017].
Whitelaw, A. P. and et. al., 2009. Training Needs of the Hospitality Industry. Accessed through <
http://www.sustainabletourismonline.com/awms/Upload/Resource/80093%20%20Trainin
g%20Needs%20WEB.pdf >. [Accessed on 21 January 2017].
24